INSTITUTIONAL

November 11, 2016

RCLCO Quarterly Chartbook: 3rd Quarter, 2016

By: Taylor Mammen, Managing Director, and Taylor Kuntz, Associate

Disclaimer: Reasonable efforts have been made to ensure that the data contained in this Advisory reflect accurate and timely information, and the data is believed to be reliable and comprehensive. The Advisory is based on estimates, assumptions, and other information developed by RCLCO from its independent research effort and general knowledge of the industry. This Advisory contains opinions that represent our view of reasonable expectations at this particular time, but our opinions are not offered as predictions or assurances that particular events will occur.